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Activision earnings beat target; forecast falls short

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SAN FRANCISCO - Activision Blizzard Inc reported better-than-expected fourth-quarter income on strong sales of its "Call of Duty" titles during the holidays, helping drive its stock to a five-year high despite a middling first-quarter outlook.

The largest U.S. videogame publisher believes its coming action game "Destiny" will become the company's next billion-dollar franchise, Chief Executive Officer Bobby Kotick said in a statement. The game is expected to launch in September.

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